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Required information (The following information applies to the questions displayed below.) ToysRUs sells a variety of children's toys, games, books, and accessories. Assume that a
Required information (The following information applies to the questions displayed below.) Toys"R"Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $74,800 5,900 3,800 7,000 2,550 35,550 Inventory (Mar. 31, 2021) $1,200 Insurance expense 2,050 Sales discounts 2,750 Salaries expense Income tax expense 3,700 8,900 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step Income Statement For the month of March 2021 Net sales: Total sales revenue Net sales revenue Operating expenses: Total 0 Operating income Non-operating items: Total
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